Property prices double around Elizabeth Line stations
- Rightmove’s new Elizabeth Line study reveals asking prices have more than doubled over the past decade in the local areas around Maryland, Abbey Wood and Stratford stations
- Despite delays in the line opening, the number of buyers looking to move near the stations has steadily surged:
- Buyer competition is now more than nine times that of ten years ago in Abbey Wood
- More than triple the number of buyers are contacting estate agents in Twyford
- For renters, asking rents have risen most in Slough (+44%) followed by next-stop-along Burnham (+43%)
- In Custom House, which will benefit from faster trains into Central London, competition among tenants is now a staggering 33 times higher than ten years ago
- Southall has seen the biggest increase in tenants enquiring compared to ten years ago, more than quadrupling, with tenants attracted by lower rents than nearby Hanwell or Ealing
A new study of millions of datapoints from the UK’s biggest property website Rightmove shows how local market activity in areas surrounding stations on the newly launched Elizabeth line has changed over the last ten years.
The data reveals that many areas near stations on the line that were previously lesser connected to key commuter hubs such as Liverpool Street or Paddington have seen a surge in prices and interest from buyers and renters.
Maryland Station in Newham, which provides an additional option for those commuting near well-connected Stratford, has seen the biggest jump in asking prices, more than doubling compared to ten years ago (+108%) from £233,480 to £486,235. This compares to the London average increase over the past ten years of 55%.
Twyford, at the end of the western section of the line and the next stop along from better connected Reading, has seen the biggest jump in the number of buyers contacting estate agents, more than tripling compared to ten years ago (+245%).
Those now looking to buy near Abbey Wood station, at the end of the South East section of the line, face the stiffest competition from other buyers. Competition, measured by the number of people enquiring about each available property in an area, has soared more than nine times (+869%).
While total buyer demand has risen the most in western areas, prices and competition have risen most in eastern areas.
It is a similar story for tenants as many look to balance their commute into London with where they can afford, as rising rents in London have seen average asking rents reach a new record of £2,195 per calendar month, up 14% compared to this time last year
Southall has seen the biggest increase in number of tenants contacting letting agents compared to ten years ago, more than quadrupling (+372%). Asking rents near Southall station are lower than nearby Hanwell or Ealing.
Asking rents have increased the most in western stations Slough (+44%) and Burnham (+43%), while those looking to rent near Custom House station face the most competition from other renters.
Custom House, one of the new stations built for the Elizabeth Line and benefitting from significantly lower travel times into Central London, has seen competition increase by a staggering 33 times (+3270%) compared to ten years ago.
Tim Bannister, Rightmove’s Director of Property Science comments: “Our unique view of the whole housing market over the last ten years really shows how many areas near stations that are now either better connected, or have seen their journey times into central London significantly slashed, have received a lot of new attention from buyers and renters. As the Elizabeth Line opens, it does so with a backdrop of record rents in London, a rising cost of living and a shortage of available homes. Areas further out from central London which have lower asking prices or rents, but are now more easily commutable will be attractive to new buyers and tenants in search of somewhere affordable to live near the capital. Not only this, but new working from home patterns since the pandemic started two years ago will have many people weighing up whether they are prepared to commute from further away if they need to do so less often.”